The Editorial Team |

South Africa Business Confidence Drops to Lowest This Year

JOHANNESBURG (Capital Markets in Africa) – South African business confidence declined to the lowest level this year as industries raised concern about policy uncertainty, including the ruling party’s plan to change the constitution to make it easier to expropriate land without paying for it. The gauge dropped to 38 in the third quarter, FirstRand Ltd.’s Rand Merchant Bank unit and the University of Stellenbosch’s Bureau for Economic Research said in an emailed statement Tuesday. All sectors…

Egypt Central Bank Gets Reprieve as Monthly Inflation Slows

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CAIRO (Capital Markets in Africa) – Egyptian consumer prices rose at their slowest monthly rate since May, offering fresh evidence that the impact of fuel price hikes was abating and giving the central bank room to shift its focus from inflation to investments. Monthly inflation in August eased to 1.8 percent compared to 2.4 percent the previous month, according to data reported by CAPMAS, the state-run statistics agency, its slowest pace since the government began…

Uganda Alleges Foreign Meddling Amid Call for Cut in U.S. Aid

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KAMPALA (Capital Markets in Africa) – Ugandan President Yoweri Museveni took aim at alleged foreign interference in his country’s politics and railed against the media in his first official address since sporadic protests over the arrest of a pop star-turned-opposition lawmaker. Museveni, who’s ruled since 1986, accused unidentified foreign governments of funding non-governmental organizations that assist the East African nation’s opposition. In his state of the nation address late Sunday, he also declared the need for “discipline…

South Africa Recession Adds Risks to Revenue Estimate, Nene Says

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JOHANNESBURG (Capital Markets in Africa) – South Africa may collect less revenue than forecast for the year after the economy fell into a recession, Finance Minister Nhlanhla Nene said. “There is now additional downside risk to the tax revenue projected at the beginning of the year because of the contraction in the economy,” Nene said in an emailed copy of a speech. “Fixing our economy to ensure that it grows faster and in a more sustainable manner is…

Private Equity Firm Harith Buys Into Malawi Fiber Network

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JOHANNESBURG (Capital Markets in Africa) – South African-based private equity firm Harith General Partners Pty Ltd. is buying into a fiber-optic cable network in Malawi as it invests more than $1 billion in infrastructure on the continent. Harith has put almost $800 million to work in African infrastructure so far, a third of that in telecoms, company director Emile Du Toit said by phone. The latest investment will make it the majority shareholder in Malawi’s biggest fiber…

Unity Is Nigeria Opposition’s Key Hurdle in Defeating Buhari

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LAGOS(Capital Markets in Africa) – The floodgates have opened. At least 12 challengers are bidding to defeat Nigerian President Muhammadu Buhari in February’s elections, but their sheer number will strain the opposition’s ability to unite behind a single candidate to stand a chance of winning. With the president of Africa’s biggest oil producer facing discontent over security crises and an anemic economy, top candidates including Senate President Bukola Saraki, former Vice President Atiku Abubakar and ex-Kano state Governor Rabiu Kwankwaso are defectors…

Ghana on Hook for China Deal If Bauxite Pay Is Insufficient

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ACCRA(Capital Markets in Africa) – Ghana will have to use alternative sources to pay back China’s Sinohydro Corp. for $2 billion in infrastructure if the revenue from an earmarked bauxite project is insufficient to meet installments. Sinohydro agreed to a deal with the West African nation in May to build bridges, roads, hospitals and housing as part of the government of President Nana Akufo-Addo’s plans to lift economic growth. In return, Ghana undertook to repay the…

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